Saudi Arabia calls for an urgent OPEC+ meeting to rebalance oil markets


Saudi Gazette report

Saudi Arabia called for an urgent meeting of OPEC+ and a group of other countries, with the aim of seeking a fair agreement that will restore balance to the oil markets, Saudi Press Agency (SPA) reported.

According to the report, the call for the meeting comes in the framework of the Kingdom's constant efforts to support the global economy in this exceptional circumstance.

The meeting was called also in appreciation of the US President Donald Trump request and the request of other friends in the United States.

The report pointed out the efforts made by Saudi Arabia during the past period to reach an agreement within the (OPEC+) group to restore balance in the oil market, as it managed to draw support for a deal from 22 countries (OPEC+).

However, the agreement couldn’t pass without consensus from all countries.

The call for emergency OPEC+ meeting coincides with US President Donald Trump’s claim on Thursday that Saudi Arabia and Russia will cut oil production by 10 million barrels per day and “maybe substantially more”.

“Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” Trump tweeted.